Whether your 2020 property search is for a family home in a leafy suburb, or an apartment close to the city, the Melbourne property market is notoriously difficult to get into. For some, it can seem near impossible to get your own slice of the real estate pie – but don’t worry, not all hope it lost! We’ve spoken to some of our Home Loan Advisers who gave us their top tips for getting into the Melbourne property market.
1. New developments
Whilst building isn’t for everyone, new developments in outer suburbs can be great value for money. They often cost less than the average existing dwelling, and there may be other benefits like tax savings and the chance to make it your own! Some top areas to look out for are Pakenham and Officer in the South East, Caroline Springs in the West and Mernda in the North.
2. Be ready for the competition
Big demand means big competition. Suburbs with great schools, access to public transport and within 30-40kms of the CBD are highly desirable, so it’s important to know what you’re up against. The best way to be competitive with other prospective buyers is to be prepared. If you can, have your pre-approval locked and loaded ready to go, so if something comes up, you’re prepared to make an offer.
3. Research the grants available
The good news for Melbourne first home buyers is that support is out there! The Victorian Government has a plan to help first home buyers, offering eligible buyers concessions on stamp duty, as well as the First Home Owner Grants of $10,000 for metro and a huge $20,000 for regional! This assistance can help lessen some of the financial burden when buying your first home. For up to date information on the Victorian Government support, click here$(Victorian Government).
Another Australian Government Initiative is the First Home Loan Deposit Scheme to support eligible first home buyers to purchase a home sooner. Thanks to the scheme, you could purchase your Melbourne property with less deposit (lender's criteria apply). Click here to check your eligibility.
4. Be Flexible
It’s easy to get caught up in the idea of living in your dream suburb, but if you’re flexible on location, you may be able to bag a better deal. You might not even need to go too far! Check out the neighboring suburbs to your dream burbs to see what else is available. An easy way to do this is by turning on the ‘include surrounding suburbs’ filter on your property search app.
5. Property Agent
Property agents are most commonly known for helping us sell our homes, but did you know they can be a valuable person to have by your side through your home buying journey too? They can help find the right property for your needs with your budget and area in mind! Think you’re ready to start your home buying journey in Melbourne?
Chat to one of our friendly Home Loan Advisers today!